Prime interest rate: 10.50%
South Africa Prime interest Rates
The prime lending rate or simply called the prime rate is the lowest rate at which a clearing bank will lend to its clients on overdraft.
Banks and financial institues are free to set their own prime rate at their own discretion, but in practice competition usually forces different institues and banks to set a similar prime rate.
The prime interest rate at which ordinary customers are charged on overdraft balances can vary from customer to customer and from financial institute to financial institute. Usually this is significantly higher than the prime interest rate.
The definition of a clearing bank is simply a commercial bank that is part of a network of banks that can clear transactions for its customers regardless of whether or not the transaction originates from the same commercial bank.
Common Duties Of Bond Originators
Assessing the market to find a mortgage bond product that fits the clients needs at the lowest possible interest rate. Applying for a lenders agreement in principle (pre-approval). Gathering all needed documents (payslips, bank statements, etc.). Completing a lender application form. Explaining the legal disclosures. Submitting all material to the multiple lenders.